Pound Achieves Strong Gains

The British pound rallied significantly against the US dollar yesterday, after it managed to break the psychological barrier of 1.3000 to extend its gains, surpassing the first target of 1.3080, and reaching a high of 1.3180.

Technically, by looking at the chart, we find that negative signs have started to appear on the stochastic indicator, which represents an intraday obstacle against the pound that may force it to fall in the coming hours. Confirming a break of 1.3100 facilitates the mission required to retest 1.2990 / 1.3000 before rising again.

From the upside, a rise above 1.3175 / 1.3165 negates the bearish scenario and leads the pair directly to resume the rise towards 1.3230 then 1.3265.

S1: 1.2990	R1: 1.3230
S2: 1.2850	R2: 1.3320
S3: 1.2750	R3: 1.3465